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There's also Dai on Ethereum, which is largely decentralized. Instead of being backed by off-chain collateral, it's backed by ETH and other tokens in a derivati
by DennisP 7y ago
There's also Dai on Ethereum, which is largely decentralized. Instead of being backed by off-chain collateral, it's backed by ETH and other tokens in a derivatives contract, and uses the median of a bunch of price feeds. Basically, you get stability by selling volatility to speculators.
The author also ignores Ethereum's scaling. ZK rollups on today's Ethereum can get it to several thousand transactions per second without usability compromises or centralization, and if the ETH2 plans work out then that'll be multiplied by the number of shards in a year or two.
- wslh 7y agoDai is centralized in the sense that it relies on oracles to work.
- DennisP 7y agoYes, I mentioned the price feeds. That's why I called it "largely decentralized" rather than decentralized full stop. But the price feeds aren't run by any one organization, but by about a dozen different ones.